Vincenzo Acquista signs $11M construction loan for 15-unit LIC project

Vincenzo Acquista through the entity V & F 4918 LLC as borrower signed a new construction loan with lender Ponce Bank valued at $11 million for the 15-unit residential elevator building (D6) at 49-18 Vernon Boulevard in Long Island City, Queens.

On the lot, there is one active new building construction project, 420602324, for a 15-unit, 16,688 square-foot R-2 building. The project was submitted by Vincenzo Acquista with plans filed January 17, 2012 and permitted June 9, 2017.
The loan closed on January 30, 2025 and was recorded on February 18, 2025. The property has 24,025 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $457 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Vincenzo Acquista was Vincenzo Acquista.

The property

The residential elevator building with 15 residential units in Long Island City has 24,025 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,625 square feet. The lot is irregular. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $374,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $2,530 in ECB penalties and $2,580 in OATH penalties in the last year.

The block

On this tax block, PincusCo has identified the owners of nine of the 23 commercial properties representing 66,950 square feet of the 142,353 square feet. The largest owner is New York Police Department, followed by Marrone Luigi and then Anthony Adams.
On the tax block, there was one new building construction project filed totaling 16,688 square feet. It is a 15-unit, 16,688 square-foot residential (R-2) building submitted by Vincenzo Acquista with plans filed January 17, 2012 and permitted June 8, 2017.

The majority, or 38 percent of the 142,353 square feet of built space are mixed-use buildings, with elevator buildings next occupying 35 percent of the space.

The borrower

The PincusCo database currently indicates that Vincenzo Acquista owned at least two commercial properties with 27 residential units in New York City with 32,820 square feet and a city-determined market value of $2.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 73 percent of the 32,820 square feet of built space are elevator properties, with walkup properties next occupying 27 percent of the space. The bulk, or 73 percent of the built space, is in Queens, with Manhattan next at 27 percent of the space.

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